Itr-2, income from house property

Tax queries 486 views 5 replies

If an individual owns only one house property jointly (50% share) and there is no income from that property, does Schedule HP in ITR-2 needs to be filled up?

Replies (5)

As per rules............ YES.

Originally posted by : Dhirajlal Rambhia
As per rules............ YES.

Even when the house property is self-occupied? also... filling up co-owner PAN details with % share are mandatory?

Accordind to section 54F:

Section 54F:

Provided that nothing contained in this sub-section shall apply where—

(a) the assessee,—

(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset

In such a scenario, i,e, when an individual has only one self-occupied house, can claim u/s 54F be denied?

"Even when the house property is self-occupied? also... filling up co-owner PAN details with % share are mandatory?" 

Department requires it to be declared.........

"In such a scenario, i.e. when an individual has only one self-occupied house, can claim u/s 54F be denied?"

No because...... here Section clearly specifies ...... not more than one house property when purchasing second property for exemption u/s. 54F. So the exemption is allowed under section 54F, when assessee already has one house property.

 

Dhirajlalji, thank you so much for the replies.

My Pleasure....


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